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October 03, 2018

Argentine Fintech Ualá Raises $34 Million in Series B Funding


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Buenos Aires, October 2018 – Ualá, the Argentina-based fintech company, announced today that it has completed a Series B financing round of $34 million USD led by Goldman Sachs Investment Partners (GSIP), with Ribbit Capital and Monashees also participating. Existing investors that also participated include a private investment fund managed by Soros Fund Management LLC, Point72 Ventures, Jefferies LLC, and entrepreneur Kevin Ryan.

According to the World Bank, 41% of Argentines have a debit card and only 7% has requested a loan or saved in a financial institutions. Ualá aims to turn around this situation by helping users manage their money through a connected mobile application and card. The native personal financial management app is linked to a prepaid Mastercard, which allows users to conduct live financial transactions, such as P2P money transfers, purchases, and cell phone top-ups, and to control their expenses.

The current round of financing will be used to accelerate Ualá's user growth, acquire new talent and execute its ambitious product roadmap—including the launch of a credit and savings platforms.

"We want to offer innovative and transparent financial services, building a fully-digital, user-centric institution. We are very proud that our original investors continue to support us, and that new investors such as GSIP, Ribbit, and Monashees, are helping us as we seek to transform the way Argentines manage their money," said Pierpaolo Barbieri, founder and CEO of Ualá.

“Ualá’s product offering reduces both cost and friction, while providing a great consumer experience,” said Christopher Dawe, Co-head of Goldman Sachs Investment Partners venture capital & growth equity team. “We are excited by the company’s mission of improving access to critical financial services and look forward to partnering with the Ualá team on their next phase of growth.”

“Ualá is building a brand and a service in which users trust. This experience helps people access better financial services with more transparency and in line with their expectations, something that was missing in the market,” said Meyer “Micky” Malka, founder of Ribbit Capital.

“We remain very supportive of Ualá and look forward to helping the company accomplish its mission to improve financial access across Latin America,” said Gary Litt, a portfolio manager at Soros Fund Management LLC.

About Ualá

Founded by Pierpaolo Barbieri and launched in October 2017, Ualá is a fintech company whose mission is to bring Latin American banking into the 21st century by creating the first no-branch provider of financial products. Ualá offers users an innovative and integrated financial service experience. It also brings the unbanked into the financial system by offering cheaper and more convenient financial services than any other alternative.

Through a mobile app linked to a prepaid card, users can conduct financial transactions, including transferring money, making payments and purchases, and topping up cell phones. Ualá operates with a Mastercard prepaid card, and it is the first fully free card in the market, with no issuance, delivery, renewal, maintenance nor closing fees. The app also allows users to track their expenses and personal finances, through a Personal Financial Management tool and push notifications. Ualá is available in Argentina for Android and iOS.